Petrol prices fall by Sh7 on strong Shilling
For the first time in about six months, petrol prices in Kenya have dipped below Kes200 per litre, with the energy regulator slashing pump prices for the commodity by Kes7.21 in the latest review.
This comes as a huge relief to motorists, with retail prices of petrol pegged at Kes199.15 per litre in Nairobi. Diesel also dipped by Kes5.09 and is set to retail at Kes190.38 per litre starting tonight until April 14th.
Low-income households will also enjoy relief as the Energy and Petroleum Regulatory Authority (EPRA)has set the maximum price per litre of kerosene at Kes188.78, a reduction of Kes4.49 from the previous price cycle.
The prices are inclusive of the 16 percent Value Added Tax (VAT) in line with the provisions of the Finance Act 2023, EPRA noted.
Unlike previously, when the KES/USD rate used by EPRA to set fuel prices showed huge disparities, the March 15 – April 14 cycle has seen the regulator use a lesser rate of 148 against CBK’s 151.8. The Kenyan shilling has been rallying against the dollar turning from the worst to the strongest unit globally in just three months.
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Fuel prices in Kenya first crossed the Kes200 mark per litre on the September 15 – October 14, 2023, price review period when EPRA announced jaw-dropping increases that left the country reeling under the pain of high energy costs.
“The maximum allowed petroleum pump prices in Nairobi are as follows: Super Petrol increases by Kes16.96, Diesel increases by Kes21.32 per litre, and Kerosene increases by Kes33.13 per litre,” EPRA said on September 14, last year. This saw the retail price of a litre of Petrol in Nairobi rise to historic Kes211.64, diesel Kes200. 99, and Kerosene Kes202.61.
